In the two years that have passed since the Ethereum Blockchain’s genesis block, numerous decentralized applications (dApps) have created Ethereum smart contracts for peer-to-peer exchange. With hundreds of tokens and services on the Blockchain, the need for an open protocol to enable liquid exchange is as critical as Internet vendors accepting credit cards. 0x will facilitate a healthy and interoperable marketplace with trustless, low friction exchange of Ethereum-based assets.
Today, rapid iteration and a lack of best practices have left the Blockchain scattered with proprietary and application-specific implementations. As a result, end users are exposed to numerous smart contracts of varying quality and security, with unique configuration processes and learning curves, all of which implement the same functionality. This approach imposes unnecessary costs on the network by fragmenting end users according to the particular dApp each user happens to be using, destroying valuable network effects around liquidity. 0x believes that smart contracts should act as modular, unopinionated building blocks that may be assembled and reconfigured.
0x is decentralized and trustless; there is no central party which can be hacked, run away with customer funds or be subjected to government regulations. Hacks of Mt. Gox, Shapeshift and Bitfinex have demonstrated that these types of systemic risks are palpable.
0x supports all Ethereum-based assets that adhere to the ERC20 token standard. Among 0x’s first partners to are Augur, MelonPort, Maker, and Aragon. 0x doesn’t just enable Interoperability between dApps, but makes the smart contract process easier and faster. Just as the growing API-economy enables the ability to order a Lyft from Facebook Messenger, a Melonport user could enter a prediction on Augur directly from the Melonport app.
0x is built on the belief that, by 2020, thousands of assets will be tokenized and moved onto the Ethereum Blockchain including traditional securities such as equities, bonds and derivatives, fiat currencies and scarce digital goods such as video game items. With hundreds or thousands of tokens on Ethereum, the 0x protocol also addresses the burden around dApp developers holding many tokens through a process called “token abstraction.” Token abstraction on 0x allows dApps to obfuscate smart contract interactions with application-specific tokens so that end users appear to only be paying transaction fees denominated in ETH (or even local fiat currency, assuming there are fiat-pegged tokens on the Ethereum Blockchain). Token abstraction works by chaining multiple orders together and executing them sequentially and synchronously in a single transaction.
Along with Polychain Capital, Blockchain Capital, and Pantera Capital, Chinese investment firms Jen Advisors and FBG Capital also invested in 0x.
- New Satoshi on the Block Plans a ‘Reveal’ – Bitcoin Community Responds - August 19, 2019
- Binance Announces Open Blockchain Project ‘Venus’ – Calls on Governments, Companies and Organizations to Develop Localized Stablecoins - August 19, 2019
- Blockchain-Fueled VeganNation raises $10 million for Vegan Global Marketplace - August 19, 2019
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019
- Mike Tyson Launches Fight to Fame – Crypto-Driven, Blockchain-Fueled Fighter Booster - August 14, 2019
- Blox Survey: Ninety-Five Percent of US CPAs Believe Clients are Not Disclosing All their Digital Assets and Transactions - August 13, 2019
- New Zealand Allows for Employee Payments to be Made in Cryptocurrency - August 13, 2019
- USA SEC Postpones Decision on Three Bitcoin ETFs - August 13, 2019
- Cryptocurrency Thefts, Scams and Fraud May Exceed $4.3 Billion For 2019 - August 12, 2019
- China’s Central Bank Gears Up to Launch it’s Own Cryptocurrency - August 12, 2019
- Overstock: Retail Traders Can Now Invest in STOs at tZERO - August 9, 2019
- Merj Rolls Out The First-ever Official Listing Of A Tokenized Security On A Regulated National Stock Exchange - August 9, 2019
- Commerzbank And Daimler Trucks Test Machine-to-machine Payments On Blockchain - August 9, 2019